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Stakeholder Engagement

In: Business and Management

Submitted By kwnkomain
Words 414
Pages 2
Why does stakeholder engagement matter?

Stakeholder engagement is considered to be important for the long -term success of the business. Nowadays more businesses are concerned about collaboration since they realize that emotions play a great role in determining business outcomes. In recognizing this, they tend to use more communication strategies aimed at engaging their customers more broadly and deeply.

Here’s a map showing the significant impact of that stakeholder engagement events have on customer perception.

http://www.coleridgeconsulting.co.uk/our-services/stakeholder_engagement_benefits.htm

This is how I think about why stakeholder engagement is important:

Stakeholder engagement displays the willingness to listen. It enables two-way communication which not only provides information but also seeks new inputs to the system. By receiving more information from customers, it leads to effective decision making by addressing possible problems in advance. Stakeholder engagement help managing business risks.

Stakeholder engagement shifts from individual to shared responsibility. It turns opposition into support that helps building emotional connection to the organization and create organisational loyalty. By understanding how people are motivated, it allows the company to more easily identify new solutions that get greater stakeholder buy in. Moreover, when people feel be engaged, they are willing to put extra effort towards the business that they trust or like which can increase market valuation.

However, as today’s technology has developed rapidly and spread widely, more people are relevant to organizations and become their stakeholders since they are only a click or ad away online. In my view, the challenging part is how to prioritize or balance different stockholder segments and also how to choose the right channel to distribute value to...

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